Wage (pesos) 100 Labor supply 90 80 Wage, "min 70 60 50 40 30 (20, 40) 20 Labor demand 10 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter your answers as a whole number. a. The equilibrium wage is ]pesos. At this wage, | ]million people are employed. b. Suppose the government sets the minimum wage at 70 pesos. At this minimum wage, |million people are employed and ] million people are unemployed.

Wage (pesos) 100 Labor supply 90 80 Wage, "min 70 60 50 40 30 (20, 40) 20 Labor demand 10 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter your answers as a whole number. a. The equilibrium wage is ]pesos. At this wage, | ]million people are employed. b. Suppose the government sets the minimum wage at 70 pesos. At this minimum wage, |million people are employed and ] million people are unemployed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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